Starknet Faces Selling Pressure Before Major Token Unlock
starknet’s price has taken a hit this week, dropping 30% ahead of a notable token unlock. the token is currently trading at $0.127, showing a 4.3% loss in the last 24 hours. This decline reflects a weakening market sentiment.
trading volume has also seen a sharp drop, falling 29% to $72.1 million. CoinGlass data reveals that derivatives activity is weakening.Starknet futures volume is down 23%, and open interest has decreased by 11.6%. This indicates that traders are closing positions rather than opening new ones.
The upcoming token unlock is adding to the selling pressure. Around 120 million STRK tokens, valued at $16.15 million, are set to be released.This represents about 5.6% of the circulating supply. So far,only 22% of the total 10 billion STRK tokens have been unlocked.
Token unlocks can negatively impact prices, especially when market sentiment is weak. Starknet’s market cap is currently $549.9 million,with a fully diluted valuation of $1.26 billion. Without new liquidity or strong demand, traders expect short-term pressure to continue.
Technical analysis shows a bearish trend. The relative strength index is at 45.3, indicating neutral momentum. MACD and momentum indicators are negative, suggesting the bearish trend may continue. The average directional index at 33.4 points to moderate selling strength.
Most short- and medium-term moving averages are above the current price,reinforcing the bearish setup. Support is at $0.10, and the 200-day EMA near $0.175 is a key resistance. A sustained break below $0.10 could push the token to new lows, while a bounce above $0.15 could signal a buyer comeback.
